The couple, who have three young children, had been seeking approval for a deal which would have seen debts of 739,000 written down to 360,000, effectively wiping out their negative equity. They argued the proposal, which was signed off by a personal insolvency practitioner (PIP), gave the bank a better deal than if they had…
A number of personal insolvency cases could now be affected by a significant ruling that a couple have no legal standing to seek a court review of KBC Banks rejection of their personal insolvency arrangement (PIA). KBC had rejected a proposed PIA sought by a couple with three young children, under which the bank would…
Buyers are likely to benefit from insolvency of developers as work is in progress and handover of completed projects is being expedited. A handful of developers in the National Capital Region have filed for insolvency. However, a majority of investors (about 90%) are still unaware of their rights as also how are they impacted in…
Billionaire Network Ten backer Bruce Gordon and the Murdoch family’s 21st Century Fox have each made last-ditch pushes to thwart the purchase of the failed network by America’s CBS. Lawyers for Mr Gordon are arguing that administrators should have considered selling the business to Mr Gordon’s private company Birketu and Lachlan Murdoch’s Illyria Nominees Television which…
Mark Sands Restructuring and recovery specialist Quantuma has appointed a new partner from Baker Tilly Creditor Services, part of RSM. Mark Sands will be based at the firm’s Brighton office but will also work across Southampton and London. He is a former president of the Insolvency Practitioners Association, sits on the personal insolvency committees of…
Domestic lenders have launched aggressive steps to start insolvency proceedings against the companies named in the Reserve Bank of Indias second list of defaulters recommended for insolvency proceedings. While many of the companies named in the second list are making desperate attempts to get their debt restructured, top lenders are preparing to file insolvency proceedings…
The Noida authority and the homebuyers of Amrapali Silicon City may challenge the order of the National Company Law Tribunal (NCLT) of initiating insolvency proceedings against the fund-starved builder in the Supreme Court. The NCLT on Monday accepted Bank of Barodas insolvency plea against Amrapali Silicon City in Sector 76, Noida. The bank initiated the…
On 4 September, a Supreme Court bench comprising Chief Justice Dipak Misra and Justices Khanwilkar and Chandrachud granted an interim stay on the order of National Company Law Tribunals (NCLT) bench at Allahabad in the insolvency case against Jaypee Infratech, an infrastructure and real estate company. The NCLT had ordered the proceeding under the Insolvency…
IDBI Bank moved the Supreme Court on Tuesday against its day-old order that put on hold National Company Law Tribunals (NCLT) directive to initiate insolvency proceedings against Jaypee Infratech on the banks plea. IDBI Bank counsel, senior advocate Abhishek Manu Singhvi, told a bench headed by Chief Justice Dipak Misra that the top courts order…
For devout individuals, getting rid of sins is relatively easy. If you are a Hindu, you take a dip in the holy river, Ganga. If you are a Catholic, you confess to your priest. But companies had no such easy path to absolution. Till we created the Insolvency and Bankruptcy Code (IBC). For a company,…